Help to buy is changing, but it could still help you buy your new Millgate home
Over the years, the Government’s Help to Buy scheme has helped thousands of people become homeowners or upsize to a new home.
As you may have heard, the Government has recently made some changes to the scheme, which come into play from 1st April 2021 and run until 2023. Key changes to the scheme mean only first time buyers can access Help to Buy, and there will also be regional limits on the price of an eligible property. In the south east, the region Millgate covers, the upper limit for Help to Buy will be £437,600.
In terms of what you can borrow, the scheme remains the same. You can take out an equity loan of up to 20% of the price of your home (or up to 40% in London) which is interest free for the first five years. After that, interest is payable. It still requires you to pay a deposit of 5% and arrange a repayment mortgage of at least 25% of the purchase price of your home, which must be your main residence.
As with the previous scheme, Help to Buy is for new homes only, built by homebuilders registered for the scheme. Millgate is one of them, and we will continue to offer Help to Buy as an option on selected properties within the price limit. Although we can no longer offer Help to Buy under the old scheme, we are accepting applications under the revised criteria, for completions which take place after 1st April 2021.
If you’re a first time buyer, this could mean you could secure a new home at Victory Fields at Arborfield Green in Berkshire with just a 5% deposit, where there is a selection of two and three-bedroom houses and one and two-bedroom apartments priced within the new Help to Buy limit. An ideal location for a first home, Victory Fields is part of new sustainable garden village, Arborfield Green, and is surrounded by open fields, parks and water meadows, and close to the attractive market town of Wokingham.
The same applies to Parklands Manor in Oxfordshire, where there are two-bedroom apartments available in both the original manor house and adjoining new building. The surrounding 23.5 acres of paddocks, woodland and open fields makes this another highly-desirable place to purchase your first home.
For more information about the new Help to Buy, go to www.millgatehomes.co.uk/help-to-buy